Inaccurate screening reports are increasing moving costs for renters. However, not all tenant screening reports include accurate information. Between 2019 and 2022, the Consumer Financial Protection Bureau received 26,700 complaints about screening reports.
Instead of going the DIY route, consider outsourcing your screening process to a property management company. They can ensure the results are accurate.
Not sure if you need to start outsourcing? Read on to discover the benefits first!
Convenience
As a property investor, you're likely busy juggling many responsibilities at once. It's easy to experience burnout or neglect certain tasks.
Screening applicants can become time-consuming, especially if you lack experience. The process involves:
- A tenant credit check
- Verifying tenant references
- Talking to previous landlords
- Checking for criminal charges
- Pulling public records
- Speaking with employers
- Verifying income
It's important to do your due diligence to avoid problematic renters. For example, six million American households are behind on rent. You can avoid these renters to ensure you have a steady source of income.
Without help, the process of gathering this information for one applicant could take a full day. Outsourcing to a property management company can save you valuable time. You can dedicate that time and attention to tasks no one else can complete.
You can recuperate tenant screening costs by expanding your real estate portfolio and attracting new tenants. Meanwhile, you'll have peace of mind knowing you've selected reliable renters. Keeping great tenants long-term can further improve your ROI.
Avoid Bias
Some landlords get attached to applicants after meeting them. While it's normal, this could cause you to develop a bias when choosing tenants. Outsourcing can help you avoid bias.
Choose a company that uses property management software. They can screen applicants with minimal human contact to avoid bias. Hiring a property manager will allow a neutral third party to select your tenants.
Low Tenant Screening Costs
Outsourcing to a property management company can help reduce costs in the long run. The DIY route can steal valuable time from your day. That's time you could spend expanding your real estate portfolio.
Allowing a property management company to step in can boost efficiency and accuracy. You can avoid problematic renters who may pay late or damage your property. Choosing renters you can trust will save you money on maintenance and repairs.
Compliance
Review Ohio's tenant-landlord laws before completing a tenant background check on your own. Neglecting to follow rules and regulations could lead to fines or legal consequences.
Allowing a property management company to complete this process will ensure you remain compliant. The best property managers keep up with federal, state, and local laws.
Outsource Your Cleveland Tenant Screening
You don't have to complete the time-consuming, stressful process of screening applicants alone. Instead, hire a property management company this year. Outsourcing your tenant screening process will save you time, money, and stress.
Ready to outsource your tenant screening process? PMI CLE has 20 years of experience helping property owners like you maximize their revenue. We use state-of-the-art technology to ensure accuracy and efficiency.
We can save you time and money by helping you choose reliable tenants. Contact us today to request our screening services!
